The following are the balance sheets of Apple Limited, Bell Limited and Dell Limited, as at the 31 December 2018. The three companies are major players in the computer industry. Apple Limited acquired 60% of the shares in Bell Limited on January 1 2017 when the reserve balances were as follows: General reserves: $9,000 and retained earnings $8 000. The acquisition of Bell Limited consisted of an immediate cash payment of $700,000 and a share exchange of 3 shares in Apple limited for every 5 shares acquired in Bell Limited. The market price for an Apple Limited share at that date was $7.50. To date, only the cash payment has been recorded. On 1 July 2018 Apple Limited acquired 30,000 shares in Dell Limited for cash at a price of $5.20 per share. For the year ended 31 December, 2018 Bell Limited reported a profit of $84,000 (assume profit accrued evenly during the year).

Balance Sheet as at 31 December 2018 $ $ $ $ $ $

	Apple Ltd		Bell Ltd		Dell Ltd
Non-Current Assets Land		1,200,000		300,000		170,000
Equipment	360, 000		100,000		70,000
Less Depreciation	24, 000	336000	10,000	90,000	10,000	60,000
Motor Vehicles	250, 000		200 000		120,000
Less Depreciation	50 ,000	200, 000	40 000	160 000	30,000	90,000
		1,736000		550,000		320,000
Investments
Bell and Dell Ltd	856,000
Current Assets
Inventory	145,000		25,000		15,000
Accounts Receivables	120,000		40,000		8,000
Prepayment	12,000		7,000		2,000
Bank & Cash	41,000	1,174,000	40,000	112,000	13,000	38,000
		2,910,000		662,000		358,000

Equity & Liabilities
$1 Ordinary Share		1,200,000		200,000		100,000
Reserves
General reserves		170,000		30,000		0
Retained earnings		246,000		24,000		36,000
Non-Current Liabilities
4% Debentures		976,000		362,000		200,000
Current Liabilities
Trade Payables	145,000		8,000		15,000
Taxation	173,000		38,000		7,000
		318,000		46,000		22,000
		2,910,000		662,000		358,000

ADDITIONAL INFORMATION

1. At the date of the acquisition the directors of Apple Limited determined that the fair market value of land owned by Bell Limited was $250 000, however no adjustments were made.

2. At December 31 2018, goodwill was impaired by $50,000.

3. During the year Apple Limited sold goods to Bell Limited for $280 000, after charging a mark-up of 40%. At 31 December 2018 only 50% of the goods were sold.

4. During the year Apple Limited transferred a motor vehicle to Bell Limited at a price of $90,000, the motor vehicle was new and cost Apple Limited $60,000. Bell Limited depreciated the motor vehicle at 10% of the cost to them.

5. Non-Controlling Interest should be valued at $5.50 per share at acquisition date. Required: Prepare the Consolidated Balance Sheet for the Apple Limited Group as at 31 December 2018.